While the general population has been in recession for one year, people of color have been in recession for five years. By definition, a long-term recession is a depression.
. . .
Extreme economic inequality (which the U.S. experienced in the 1920s and is again experiencing now) is often a key indicator of recession and/or depression. The Black depression of today may well foreshadow the depth and length of the recession the whole country entered in December 2007. A deep recession would see median family income decline by 4%. Thirty-three per cent of Blacks and 41% of Latinos would drop out of the middle class. The overall national rate would be 25%.
Monday, February 23, 2009
The Depression Has Been Going On a Long Time for People of Color
Nice overview of the "Silent Depression" for people of color.